The 'Goods and Services Tax' on health insurance premiums is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on health insurance premiums is:

A. 12%

B. 0%

C. 5%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Health insurance premiums attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Central Information Commission' is a:

A. private body

B. statutory body

C. constitutional body

D. executive body

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Correct Answer: Option B

Explanation:
The Central Information Commission is a statutory body under RTI Act.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'maternity benefit' under the Maternity Benefit Act provides paid leave of how many weeks?

A. 12 weeks

B. 26 weeks

C. 14 weeks

D. 30 weeks

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Correct Answer: Option B

Explanation:
The Maternity Benefit Amendment Act 2017 increased paid maternity leave to 26 weeks.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a feature of perfect competition?

A. Homogeneous product

B. Large number of buyers and sellers

C. Free entry and exit

D. Product differentiation

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Correct Answer: Option D

Explanation:
Product differentiation is a feature of monopolistic competition, not perfect competition. In perfect competition, products are homogeneous.

This question belongs to: Economy GK Economy Set 1

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